HomeMy WebLinkAboutResolution No. 3220RESOLUTION NO. 3220
RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF CYPRESS CONSENTING TO THE ACQUISITION OF
REAL PROPERTY BY THE CYPRESS REDEVELOPMENT
AGENCY AND APPROVING A LOAN BY THE CITY TO
THE AGENCY.
WHEREAS, the Cypress School District (the "District ") has
offered to sell to the Cypress Redevelopment Agency (the
"Agency ") certain real property (the "Site ") pursuant to an
agreement for the sale of property submitted herewith (the
"Agreement "); and
WHEREAS, the Agency has undertaken negotiations for the
disposition and development of the Site to promote the public
policies of the Agency, particularly the provision of affordable
housing for senior citizens; and
WHEREAS, the Agency has confirmed that the purchase price to
be paid for the Site does not exceed the fair market value of
the Site, based upon an appraisal by an independent and
qualified appraiser; and
WHEREAS, the Agency desires to borrow from the City of
Cypress (the "City ") funds sufficient to effect the purchase of
the Site, to be repaid in annual installments on terms described
in the accompanying promissory note (the "Note "); and
WHEREAS, the City desires to loan to the Agency funds in the
amount set forth in the Note, to promote the objectives of the
Agency; and
WHEREAS, the purchase of the Site by the Agency will promote
the public health, safety, and welfare;
NOW, THEREFORE, the City Council of the City of Cypress does
resolve as follows:
1. The City Council of the City of Cypress approves of a
loan by the City to the Agency on the terms set forth in the
Note.
2. The City consents to the acquisition of the Site by the
Agency pursuant to the Agreement.
PASSED, APPROVED AND ADOPTED by the City Council of the City
of Cypress at a regular meeting held on the 23rd day of March
1987. 1
ATTEST:
CITY CLERK 0 THE CITY OF CYPRESS
MA OF THE CITY OF CYPRESS
65
STATE OF CALIFORNIA ) SS
COUNTY OF ORANGE )
I, DARRELL ESSEX, City Clerk of the City of Cypress, DO.
HEREBY CERTIFY that the foregoing Resolution was duly adopted
at a regular meeting of the said City Council held on the 23rd
day of March 1987; by the following roll call vote:
AYES: 4 COUNCIL MEMBERS: Arnold, Davis, Mullen and Kanel
NOES: 0 COUNCIL MEMBERS: None
ABSENT: 1 COUNCIL MEMBERS: Coronado
,1z,7 e
CITY CLERK 0 THE CIT ,POF CYPRESS